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Overview of Asset Preservation, Inc. (API) and its services as a Qualified Intermediary for IRC §1031 tax deferred exchanges, highlighting their focus on commercial and complex multi-site transactions.
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The closing form coverage gap refers to a form that individuals must file with the Internal Revenue Service (IRS) if they had a gap in health insurance coverage of at least three months in a year.
Individuals who had a gap in health insurance coverage of at least three months in a year are required to file the closing form coverage gap.
To fill out the closing form coverage gap, individuals need to obtain Form 1095-B or Form 1095-C from their health insurance provider or employer. They then need to follow the instructions provided on the form and accurately report the required information.
The purpose of the closing form coverage gap is to ensure that individuals who had a gap in health insurance coverage of at least three months in a year are meeting their tax obligations and proving that they had minimum essential coverage.
The closing form coverage gap requires individuals to report their personal information, including their name, address, and Social Security number, as well as the months they had a gap in health insurance coverage.
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